Today we are discussing one of our favorite financial products…the 401k. We really wish you could see the red hot glow of the sarcasm light in our studio.
If you’ve been listening to the Financial Procast for any length of time, you will surely be familiar with our disdain for the 401k. It’s not necessarily that we think the product or idea is bad, we just think there’s been way too much emphasis placed on it as a tool to solve the retirement income woes of America.
Those who think the 401k will save them from the meow mix diet during retirement are surely destined to be disappointed. We have witnessed firsthand the problems that are created by having too much of your liquid net-worth invested in qualified plans of any kind.